Net income was $9.2 million ($0.59 per diluted share) for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. Exclusive of one-time tax credits, the Company generated $8.2 million ($0.52 per diluted share) of net income for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. The Company recorded a tax benefit of $1.1 million during its first fiscal quarter ended July 31, 2014 related to the federal research and experimentation tax credit for fiscal years 2011 through 2014.
Gross profit for the first quarter of the current fiscal year was 17.5% of net sales compared with 18.9% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.
Selling, general and administrative costs for the first quarter of the fiscal year 2015 were 11.3% of net sales compared with 12.8% in the same quarter of the prior year. The improvement in the Company's operating expense ratio was driven by favorable leverage from increased sales and on-going expense control.
The Company generated net cash from operating activities of $9.3 million during the first quarter of fiscal year 2015 compared with $2.3 million during the same period in the prior year. The improvement in the Company's cash from operating activities was driven primarily by higher operating profitability and changes in working capital, which included increases in inventory levels to support higher sales.
American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets.
